noun, Botany. 1. one of a pair of lateral appendages, often leaflike, at the base of a leaf petiole in many plants. Origin of stipule.
The basic idea of introducing the scheme is to enable small business men in resale and retails business to carry business without maintaining detailed accounts, enabling easy calculation of tax payable by them. This saves them from rigors of regular scheme under MVAT law.Section 42(1) of Maharashtra Value Added Tax Act, 2002 (MVAT, 2002) empowers State Government to Notify Composition Scheme for dealers in State of Maharashtra who are engaged in business of resale and retail.his saves them from rigors of regular scheme under MVAT law. Section 42(1) of Maharashtra Value Added Tax Act, 2002 (MVAT, 2002) empowers State Government to Notify Composition Scheme for dealers in State of Maharashtra who are engaged in business of resale and retail.
6.10 Service Tax & VAT 2.7 VAT chain under composition scheme 2.7.1 Loss to the seller: If the composition scheme is availed by a dealer then such dealer cannot avail input tax credit in respect of input tax paid.Hence the dealer will be loosing the input tax credit on purchases made by him. The concepts relating to Composition Scheme have been discussed in Unit â 2 of this Chapter. 7KH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD. Input Tax Credit and Composition Scheme for Small Dealers 6.5 1.6 Carrying over of tax credit Input tax credit is first to be utilized for payment of VAT.